Bitcoin traded mostly flat on Monday as volatility picked up and crypto-linked equities stayed under pressure ahead of the U.S. market open.
Crypto-related U.S. stocks fell in pre-market trading as investors continued to weigh President Donald Trump’s Friday nomination of Kevin Warsh as the next Federal Reserve chair, a move that spilled over into a sharp selloff across digital assets over the weekend.
Strategy (MSTR), the largest publicly listed corporate holder of bitcoin, slid more than 6%, while Galaxy Digital (GLXY) dropped over 7%. Shares of bitcoin mining and AI-exposed firms also declined, with IREN (IREN) and Cipher Mining (CIFR) each down around 4%. Crypto exchange Coinbase (COIN) was lower by roughly 4%.
Volatility continued to build across markets. The Cboe Volatility Index (VIX) rose about 10% on the day, while the Volmex implied volatility index climbed from 40 to 50 over the past week, signaling that traders are bracing for larger price swings and elevated uncertainty.
Bitcoin was up roughly 1% on the day, trading near $77,000 after briefly dipping to around $74,500 on Saturday. Weakness extended to other asset classes. Gold slid 4% to about $4,700 an ounce, silver fell 4% to $82 an ounce, and oil prices also moved lower. West Texas Intermediate crude futures dropped 5% to $62 a barrel.
U.S. equity index futures showed signs of stabilization, with the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, down less than 1% in pre-market trading.
Meanwhile, the U.S. dollar edged lower, with the DXY index slipping back to 97. CoinDesk Research has highlighted an inverse relationship between bitcoin and the dollar, a trend that appeared to reassert itself as bitcoin ticked higher alongside a softer greenback.
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